US, China trade war could dent economic growth

"Nigeria's growth is projected to increase from 0.8 per cent in 2017 to 1.9 per cent in 2018 and 2.3 per cent in 2019 (0.4 percentage point higher than in the April 2018), buoyed by the impact of recovering oil production and prices", he said.

The IMF also warned the new government that growth would likely slow and inflation rise further if it does not act fast.

The near-term impact of a full-fledged trade war on growth in China will be almost double that of the United States, according to the IMF's estimates.

Keeping rates low would avoid increasing the cost of borrowing, which could help support China's slowing growth.

Global trade is projected to expand by 4.2 percent this year, six tenths less than expected in July and almost a full point lower than the forecast in April.

Beijing policymakers were navigating a "difficult trade-off between growth and stability", the International Monetary Fund said in a statement.

Last year, China shipped goods worth $375 billion more to the US than it took in from the United States, a figure Trump has often said he wants to curb sharply in an effort to promote American businesses.

"The forecast does not incorporate the impact of further tariffs on Chinese and other imports threatened by the United States, but not yet implemented, due to uncertainty about their exact magnitude, timing, and potential retaliatory response", according to the International Monetary Fund.

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India's medium-term growth prospects remain strong at 7.75 per cent, benefiting from ongoing structural reform, but have been marked down by just under 0.5 percentage point relative to the April 2018 WEO, it said.

Germany, the economic powerhouse of Europe, could be particularly hard hit by a drop in manufacturing orders and trade volumes.

The Breton Woods institution, which said this at the Annual General Meetings of the IMF/World Bank now going in Bali, Indonesia, also revised downwards growth prospects for Nigeria in 2018 from 2.1 per cent to 1.9 per cent.

Equally, Angola is at the moment contracting by about 0.1 per cent this year, with a projection of almost four per cent in 2019.

He called on countries to ensure inclusive growth, which he said was "more important than ever". The organization had forecast in April that the US economy would grow 2.7 percent in 2019. A similar warning was also conveyed by the IMF "Global Financial StabilityReport" released last week, pointing out that the tightening United States' monetary policy, coupled with trade uncertainties, have discouraged capital inflows to emerging economies, weakened their currencies and depressed equity markets.

He said although the region would witness growth next year but the growing number of working class coupled with less jobs opportunities, huge public debts and poor infrastructure present a challenge in achieving the developmental goals of the United Nations.

One of the most comprehensive studies of the state of banking and markets since the financial crisis warns that "dangerous undercurrents" are a rising threat to the world economy.

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